KOSDAQ-listed Gabia(079940) hit the upper limit (the top end of the daily price band) immediately after the market opened on the 20th. The move came after news that DCK Investment, a special purpose company of Macquarie Asset Management, is pushing a tender offer.
As of 9:05 a.m. that day, Gabia shares were trading at 44,050 won, up 29.94% (10,150 won) from the previous session.
DCK Investment announced that it would launch a tender offer that day for 9,805,505 common shares of Gabia at 48,000 won per share. DCK Investment will tender for 73.1% of the total number of issued shares.
DCK Investment said, "The purpose of this tender offer is to acquire management control and delist through mergers and acquisitions (M&A)," and explained, "We aim to expeditiously delist Gabia voluntarily to make it a nonlisted company and to proceed with the tender offer process with the goal of making it a wholly owned subsidiary of the tender offeror."
The tender offer period runs from that day through Sept. 17. The scheduled settlement date is Sept. 21.